Overview
What is Minnesota Fair Plan?
The Minnesota Fair Plan is a nonprofit organization situated in Bloomington, Minnesota. Its primary mission is to offer limited property or homeowners insurance coverage to individuals, small business owners, farmers, and co-op residents who struggle to secure such coverage in the voluntary market. In 2022, the Minnesota Fair Plan served approximately 3,200 policyholders across the state. Additionally, the organization plays a significant role in supporting essential programs, such as the IAAI's Arson Hotline Reward Program and the Governor's Fire Safety Day at the State Fair. With a dedicated workforce of six employees, the Minnesota Fair Plan remains committed to providing insurance coverage and promoting safety within the community.
Official website here: www.mnfairplan.org
Is Minnesota Fair Plan legitimate?
Minnesota Fair Plan is a legitimate nonprofit organization registered as a 501(c)(6) entity. Minnesota Fair Plan submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $179,373
Professional Fundraising Fees: $0
Other Salaries and Wages: $351,873
For more financial information, click here
Official website here: www.mnfairplan.org
What is the mission statement of Minnesota Fair Plan?
The Minnesota Fair Plan, as a mission, aims to offer a chance for homeowners, tenants, small business owners, farmers, and cooperative residents to procure limited property or homeowners insurance when they are unable to do so in the voluntary market. This organization serves as a crucial solution for individuals who face challenges in obtaining insurance coverage in the open market. In 2022, the Minnesota Fair Plan provided insurance coverage to 3,200 policyholders across the state. Furthermore, the Fair Plan continued its role as the primary financial supporter for the IAAI's Arson Hotline Reward Program and the Governor's Fire Safety Day at the State Fair.
Official website here: www.mnfairplan.org
Who is the CEO of Minnesota Fair Plan?
Gary Rupp is the Executive Director of Minnesota Fair Plan.
Official website here: www.mnfairplan.org
What is the revenue of Minnesota Fair Plan?
Minnesota Fair Plan's revenue in 2022 was $2,996,039.
Official website here: www.mnfairplan.org
Who are the executives of Minnesota Fair Plan and what are their salaries?
The average compensation at Minnesota Fair Plan during 2022 was $88,541. There are 6 employees at Minnesota Fair Plan.
Here are 10 key members and their salaries:
- Compensation: $164,460
- Related: $0
- Other: $10,313
- Compensation: $111,210
- Related: $0
- Other: $7,911
- Compensation: $2,000
- Related: $0
- Other: $0
- Compensation: $1,400
- Related: $0
- Other: $0
- Compensation: $1,200
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.mnfairplan.org
Where can I find the form 990 for Minnesota Fair Plan?
Minnesota Fair Plan's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mnfairplan.org
Learn more at the official website: www.mnfairplan.org
Mission Statement of Minnesota Fair Plan
Minnesota Fair Plan, in its mission, aims to offer a chance for property and homeowners, along with small business owners, farmers, and cooperative residents, to acquire limited property or homeowners insurance when they cannot procure it in the voluntary market due to certain factors. By serving as a backup option, Minnesota Fair Plan ensures that individuals and businesses in such situations do not go without necessary insurance coverage. During 2022, this organization provided insurance coverage to 3,200 policyholders across the state. Apart from this, Minnesota Fair Plan continued its role as the primary financial supporter for the IAAI's Arson Hotline Reward Program and the Governor's Fire Safety Day at the State Fair.
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Impact
October, 2024
The Minnesota Fair Plan serves a crucial role in providing property and homeowners insurance to individuals and businesses that may struggle to secure coverage in the conventional market. In 2022 alone, it offered insurance to 3,200 policyholders across the state, ensuring that homeowners, small business owners, farmers, and cooperative residents have access to essential insurance protections. This program specifically targets those who might be deemed too high-risk by traditional insurers, thus filling a significant gap in the insurance market.
Additionally, the Minnesota Fair Plan supports initiatives like the IAAI's Arson Hotline Reward Program and the Governor's Fire Safety Day at the State Fair, emphasizing its commitment to community safety and awareness. By enabling access to limited property coverage, the Fair Plan not only aids individuals and businesses in protecting their assets but also contributes to broader community resilience against risks like fire and property damage. Its impact extends beyond mere coverage, fostering a safer environment and bolstering the economic stability of those it serves in Minnesota.
This information is meant to be a general summary of Minnesota Fair Plan. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $14,908
- Program Service Revenue: $2,980,678
- Gross Receipts: $2,996,039
Assets and Liabilities:
- Total Assets: $2,205,893
- Total Liabilities: $1,606,984
- Net Assets: $598,909
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$2,980,678
Organization Details
Founding Year
1969
Phone
(612) 338-7584Principal Officer
Gary Rupp
Main Address
7900 INTERNATIONAL DRIVE 625, BLOOMINGTON, MN, 55425
Website
www.mnfairplan.orgNTEE Category
Code: Y20 - Mutual benefit
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